Business, 30.07.2021 05:00, srgrace9948

The following selected transactions are from Taylor Company. Year 1
Dec. 16Accepted a $15,600, 60-day, 10% note in granting Spencer Lauer a time extension on his past-due account receivable.
31Made an adjusting entry to record the accrued interest on the Lauer note.
Year 2
Feb. 14Received Lauer's payment of principal and interest on the note dated December 16.
Mar. 2Accepted a $9,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Garcia Co.
17Accepted a $19,200, 30-day, 7% note in granting Lindsey Martin a time extension on her past-due account receivable.
Apr. 16Martin dishonored her note.
May 31Garcia Co. dishonored its note.
Aug. 7Accepted a $20,000, 98-day, 10% note in granting a time extension on the past-due account receivable of Griffin Co.
Sep. 3Accepted a $4,200, 60-day, 10% note in granting Carolyn Collins a time extension on his past-due account receivable.
Nov. 2Received payment of principal plus interest from Collins for the September 3 note.
Nov. 5Received payment of principal plus interest from Griffin for the August 7 note.
Dec. 1Wrote off the Martin account against the Allowance for Doubtful Accounts.

Required:
Prepare the journal entries related to notes receivable and accounts receivable.

Answers: 3

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The following selected transactions are from Taylor Company. Year 1
Dec. 16Accepted a $15,600...